ArcelorMittal slashes dividend on weak third quarter results

City A.M. Reporter
Steelmaker ArcelorMittal said this morning it would cut its annual dividend, as it reported a net loss for the third quarter.

ArcelorMittal reported a third quarter core profit of $1.34bn (£833.1m), in line with market expectations, but its lowest level in three years. That resulted in a net loss of $709m.

The world’s largest steelmaker said the slowdown in China resulted in “challenging operating conditions” for the firm, which are expected to continue into the fourth quarter.

The annual dividend will be reduced to 20 cents a share from 2013, down from 0.75 cents a share this year.